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D4 RIN Prices Hit All-Time High Amid Lower RIN Generation in April, EPA Says

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The number of renewable identification numbers generated in April under the Renewable Fuel Standard rose from a year ago, despite a surprising dip in D4 RINs, the Environmental Protection Agency reported on Thursday.

Over 1.93 billion RINs were generated in April, up almost 3% when compared to the 1.88 billion generated during the same period of last year, the EPA report showed.

Total RIN generation for the first four months of the year reached 7.51 billion, up 3% from 7.32 billion generated during the same period of 2025.

Almost 1.22 billion D6 renewable fuel RINs were generated in April, down 2% from March. Most of the D6 RINs came from domestic ethanol producers, with 954,741 generated for ethanol by importers.

Total D6 RIN generation for the first four months of 2026 reached 4.82 billion, up 2% when compared to the same period of last year. To start the year, RIN ethanol volume totaled 4.81 billion for domestic producers and 4.47 million for importers.

D4 prices hit an all-time high of $2.14/RIN on Thursday, following underwhelming April generation and supported by the biodiesel-to-heating oil price spread, according to Argus Media Consulting Services.

EPA's report showed April's D4 RIN or biomass-based diesel generation at 690 million, up 6% from March. Year-to-date D4 RIN generation totaled 2.26 billion, up 7.5% compared with a year ago.

Of the D4 total, renewable diesel accounted for 460.7 million, domestic biodiesel for 193.6 million, and domestic sustainable aviation fuel for 35.5 million.

Zander Capozzola, Argus Media's renewable fuels consultant, said the monthly decline in D4 RIN volume doesn't align with market fundamentals.

"RIN print came in surprisingly low given prevailing margins and Q2 industry ramp-ups, further underpinning the bullish case for D4 credits," Capozzola said.

He added that renewable diesel margins have pulled back 33% since the start of April amid elevated feedstocks relative to diesel.

"Even with the recent pullback, RD margins are up over 200% year-to-date," Capozzola said.

He added that the RIN strength relative to the bean oil-heating oil spread remains robust heading into the second half of May.

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